A Company is preparing a cash budget for June. The company has $107,200 cash at the beginning of June and anticipates $131,770 in cash receipts and $149,560 in cash disbursements during June. This company has an agreement with its bank to maintain a cash balance of at least $104,000. As of May 31, the company owes $37,000 to the bank. To maintain the $104,000 required balance, during June the company must:
Borrow $14,590
Repay $17,790
Borrow $37,000
Repay $37,000
Repay $14,590